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New CCH Coverage of Recovery Plan with Senate Finance Committee Changes

Special Tax Briefing

(RIVERWOODS, ILL., January 28, 2009) – While the entire House of Representatives passed the tax portion of The American Recovery and Reinvestment Act of 2009 by a vote of 244-188 today , the Senate Finance Committee yesterday approved its own version of the measure for consideration by the entire Senate soon. CCH has updated its Special Tax Briefing on the bill to reflect changes made in the Committee.

To read the updated Briefing, go to CCHGroup.com/Legislation/2009-Recovery-Act.pdf.

“The House and Senate versions are not identical, so a Conference Committee will have to iron out differences after Senate passage,” said Mark Luscombe, JD, LLM, CPA, CCH principal federal tax analyst.

While generally following the House version, the measure approved by the Senate Finance Committee, among other things:

  • Expands the “Making Work Pay” Credit to provide one-time payments of $300 to individuals on fixed incomes, mainly Social Security recipients and disabled veterans;
  • Adds an alternative minimum tax (AMT) “patch” for 2009;
  • Extends the First-time Homebuyer Credit through August 31, 2009;
  • Reduces refundability of American Opportunity Credit from 40 percent to 30 percent;
  • Lowers refundability of child credit threshold to $6,000 instead of $0;
  • Adds an exclusion of up to $2,400 in unemployment compensation for 2009;
  • Allows beneficiaries of 529 plans to use tax-free distributions for computers and computer technology;
  • Expands choice of carryback years for NOLs, does not reduce carryback amount by 10 percent;
  • Expands carryback of General Business Credit to five years for 2008 and 2009;
  • Extends refundable credits in lieu of bonus depreciation through 2009;
  • Allows businesses to defer income from certain cancellations of indebtedness in 2009 or 2010;
  • Increases exclusion for Qualified Small Business Stock from 50 percent to 75 percent, from after date of enactment and before January 1, 2011;
  • Adds an investment tax credit for broadband investments in rural, underserved areas in 2009 and 2010;
  • Provides additional allocations for the New Markets Tax Credit for 2008 and 2009;
  • Increases qualified transportation fringe benefits for transit passes and van pooling to $230 per month for remainder of 2009 and 2010;
  • Expands eligibility for the Plug-in Electric Vehicle Credit and creates a similar credit for low-speed vehicles;
  • Expands scope of industrial development bonds; and
  • Modifies provisions relating to the Low Income Housing Credit, Qualified School Construction Bonds and withholding on government contractors.

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® TeamMate, CorpSystem®, CCH® Tax Research NetWork™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.

Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America and Asia Pacific and employs approximately 19,500 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. For more information, visit www.wolterskluwer.com.

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